Filing Chapter 7 bankruptcy can do a lot to get your life back in order – eliminating most if not all of your debts and leaving you free to move on with your life as you see fit. However, the process is not without costs. Knowing what you can keep in Chapter 7 and what you will have to give up can help you decide if this particular type of bankruptcy is right for you.
Maryland Chapter 7 Bankruptcy Lawyer
At the Mummert Law Firm we work to educate our clients on the advantages and disadvantages of Chapter 7 bankruptcy. If you have lived in the State of Maryland for 2 years prior to filing for bankruptcy you are entitled to a certain amount of exemptions – meaning you can keep a certain amount of money and property through the bankruptcy process.
Certain property – such as retirement accounts and pensions – are 100% exempt. This means they will be completely left alone when it comes time to liquidate your assets to pay your creditors. Other assets are only partially exempt.
It is when you begin considering how Maryland’s partial exemptions affect you that the help of a skilled bankruptcy attorney really matters. Things like your car and your home are calculated based on how much you have paid and how much you still owe – your equity, and measured against the state exemption limits. Our firm can help you understand exactly how much you will gain and how much you will lose through filing Chapter 7.
Make An Educated Decision
Both federal and Maryland exemptions may apply in your bankruptcy case, exemptions that include assets such as your homestead, insurance, misc., pensions, personal property, public benefits, tools of trade, wages and wild card. How each of these applies to your personal situation can only be reliably understood through a discussion with your lawyer. What you can be sure of, though, is that there are laws in place to protect the things that you need most to lead a normal life – things we can help you hold on to.
Please contact Attorney Timothy Mummert today to discover what your bankruptcy options are and how to get your life back on track as quickly as possible.